"Good, good, every day there are giant firms interested in introducing their own ETF."
DWS Group, the German asset management powerhouse with $900 billion in assets is preparing to make a significant foray into cryptocurrencies to introduce an exchange-traded fund (ETF) to retail investors.
According to Bjoern Jesch, Global Chief Investment Officer of DWS Group said that his team has different opinions where one faction rejects the value of crypto while the other acknowledges the current price of Bitcoin (BTC) as investors are willing to buy the digital asset worth $35,000.
Earlier, DWS Group's stance was similar to that of Berkshire Hathaway founder Charlie Munger as he had previously labeled crypto as a scam due to the ever-volatile crypto market.
However, DWS Group which is now increasing its efforts to participate in the crypto market has signed an agreement with Galaxy Digital Holdings in April 2023 to develop a set of ETFs tailored for the European market.
In addition to catering to the needs of retail investors through ETFs, DWS Fintech Fund looking to expand its services has invested a large amount of funds in the digital asset space to demonstrate its transition initiatives.
There is no denying that the introduction of crypto ETFs is an important step forward for mainstream adoption, but it should be noted that there are still some who are not convinced about the long-term prospects of digital assets.
Jesch also said that limited historical data, lack of collateral, economic framework or central bank support could cause the price of BTC to fall to zero or jump up to $40,000.
